§ 700.159. Payment for direct loss of personal property---nonresidential moves.
264 words·~1 min read·
/us/cfr/t25/s§ 700.159·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General. A certified eligible business is entitled to payment for actual direct loss of an item of tangible personal property incurred as a result of moving or discontinuing his business, farm operation, or nonprofit organization. The payment shall consist of the reasonable costs incurred in attempting to sell the item plus the less of---
(1)The fair market value of the item for continued use at the acquired site, less the proceeds from its sale. (When payment for property loss is claimed for goods held for sale, the fair market value shall be based on the cost of the goods to the business, not the potential selling price); or
(2)The estimated cost of moving the item, but with no allowance for storage. (If the business, farm operation or nonprofit organization is discontinued, the estimated cost shall be based on a moving distance of 50 (fifty) miles.)
(b)Advertising sign. The amount of a payment for direct loss of an advertising sign, which is personal property, shall be the lesser of---
(1)The depreciated reproduction cost of the sign as determined by the Commission, less the proceeds from its sale; or
(2)The estimated cost of moving the sign.
(c)Sales effort. To be eligible for payment for direct loss of personal property, the claimant must make good faith effort to sell the personal property, unless the Commission determines that no such effort is necessary.
(d)Transfer of ownership. To be eligible for payment for direct loss of personal property, the claimant shall transfer to the Commission ownership of the unsold personal property.